Equities
Raymond James Adjusts Price Target on Phillips 66 to $300 From $240, Keeps Outperform Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $252.72, according to analysts polled by FactSet.
$PSX
$PSX
133 stories mentioning PSXUpdated 12h ago
Every FINWIRES story that references PSX, newest first.
What are analysts saying about PSX?
Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
- Raymond JamesTarget revisedOutperformPrice target$300from $240
- Morgan StanleyTarget revisedOverweightPrice target$284from $196
- BofATarget revisedPrice target$255from $213
- UBSTarget revisedBuyPrice target$300from $235
- Piper SandlerTarget revisedNeutralPrice target$264from $209
- Wells FargoTarget revisedOverweightPrice target$335from $239
What's the latest news on PSX?
Equities
Morgan Stanley Adjusts Price Target on Phillips 66 to $284 From $196, Keeps Overweight Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $249.39, according to analysts polled by FactSet.
$PSX
Wire
Update: Market Chatter: White House Looking to Expand US Oil Refining Capacity
(Updates with White House comment in the last paragraph.)The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported Friday, citing two sources familiar with the plans.The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said.No final decisions were made, and participants expect conversations to continue, the report said."America's refining capacity is essential to ensuring the United States has continuous access to secure, affordable, and reliable energy," White House spokeswoman Taylor Rogers said in an email to. "Expanding that capacity is a top priority for the President and his energy team, who are evaluating concrete options to increase our refining capacity through regulatory reform, faster permitting, and additional investment."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $165.11, Change: $-0.12, Percent Change: -0.07%
$MPC$PSX$VLO$XOM
Wire
Market Chatter: White House Looking to Expand US Oil Refining Capacity via Defense Production Act
The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported Friday, citing two sources familiar with the plans.The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing the sources, who added that no final decisions were made and that participants expected conversations to continue.The White House didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $165.36, Change: $+0.13, Percent Change: +0.08%
$MPC$PSX$VLO$XOM
Wire
White House Looking to Expand US Oil Refining Capacity Via Defense Production Act, Reuters Reports
White House Looking to Expand US Oil Refining Capacity Via Defense Production Act, Reuters Reports
$MPC$PSX$VLO$XOM
Equities
BofA Adjusts Price Target on Phillips 66 to $255 From $213
Phillips 66 (PSX) has an average rating of overweight and mean price target of $242.28, according to analysts polled by FactSet.
$PSX
Wire
UBS Adjusts Phillips 66 Price Target to $300 From $235, Maintains Buy Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $233.28, according to analysts polled by FactSet.Price: $258.72, Change: $+3.75, Percent Change: +1.47%
$PSX
Commodities
Market Chatter: Global Diesel Supply to Remain Tight Through Winter
The global supply of diesel is expected to remain tight through winter as exports from Russia and the Middle East dwindle due to conflicts, while spare refining capacities remain limited, Reuters reported Tuesday, citing industry executives.Vitol chief executive Russell Hardy reportedly said during the Asia Pacific Petroleum Conference that the wars have reduced product supply by 2 million barrels per day from Russia and another 2 mmbbls/d from the Middle East, while refining capacity in other regions could not compensate.In the US, most refineries are already running at full capacity, according to the report, which cited Mark Senn, senior vice president of global trading at Phillips 66 (PSX). Senn noted that entering the winter season with low diesel stocks could further strengthen the market, which saw record-high diesel prices in the US last week.Hardy reportedly said that high prices and tight supplies could cut global oil demand by about 1.5 mmbbls/d this year versus 2025 levels. Meanwhile, the International Energy Agency projected last month that demand could decline by 1.6 mmbbls/d, with latest forecasts requested by.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
$PSX
Equities
Piper Sandler Adjusts Phillips 66 Price Target to $264 From $209, Maintains Neutral Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $233.28, according to analysts polled by FactSet.
$PSX
Equities
Wells Fargo Adjusts Price Target on Phillips 66 to $335 From $239, Keeps Overweight Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $233.28, according to analysts polled by FactSet.
$PSX
Commodities
Venezuela Oil Deal May Boost US Refiners as Heavy Crude Supply Rises, TPH Says
The US-Venezuela oil deal could boost heavy crude supplies for US refiners and widen discounts on heavy grades, TPH Energy Research said in a Monday note.US refiners processed 18.3 million barrels per day this year, including 4 million b/d of heavy crude from foreign suppliers, TPH Energy Research said.Heavy crude imports fell from 4.5 million b/d during 2016 to 2018, but Venezuela increased US shipments to 341,000 b/d from 140,000 in 2025.Venezuelan shipments reached 471,000 b/d in May 2026, accounting for about one-third of the country's 1.1 million b/d of production, according to the note.Valero Energy (VLO) led Venezuelan crude imports at 137,000 b/d, up from 69,000 in 2025, followed by Chevron (CVX) at 52,000 b/d and Phillips 66 (PSX) at 46,000 b/d, TPH said.Citgo imported 29,000 b/d and PBF Energy (PBF) took 24,000 b/d, while third-party traders Vitol and Trafigura handled 40,000 barrels per day, some of which could reach US refiners.Additional heavy crude supply could widen discounts, with Maya and Western Canadian Select at Houston trading $11 per barrel and $14/bbl below Brent, versus $8/bbl and $7/bbl in 2025, TPH said.
$CVX$PBF$PSX$VLO
Commodities
US Fuel Inventories Stay Tight; Guyana, Permian Projects Support Energy Outlook, UBS Says
US fuel inventories remain tight despite high refinery utilization, while wider gas spreads support refiners, Guyana boosts Exxon Mobil's (XOM) cash flow potential, and new Permian pipelines bolster growing natural gas liquids demand, UBS said in a note on Wednesday.The US Department of Energy reported a 100,000-barrel crude inventory build for the latest week, below the 600,000-barrel consensus estimate and the 4.2-million-barrel American Petroleum Institute estimate.Gasoline inventories fell 2.54 million barrels over the same period, compared with a 700,000-barrel consensus draw and a 3.2 million-barrel decline in the American Petroleum Institute estimate.Diesel stocks declined 2.23 million barrels, versus a 1.6-million-barrel expected draw and a 500,000-barrel decline in the American Petroleum Institute estimate.US refinery utilization rose 0.2 percentage point over the week to 97.4%, UBS said, adding that such elevated rates typically do not last and could tighten fuel markets as seasonal maintenance increases.US diesel inventories now stand 14.4% below the five-year average and 9.5% below last year's level, while gasoline stocks sit 6% below the five-year average and 7% below 2025 levels.PADD 3 diesel inventories are 10% below the five-year average, while PADD 1, PADD 2 and PADD 5 stocks are 34.9%, 4.3% and 5.8% below their respective five-year averages.Gasoline inventories are 5.5% below the five-year average in PADD 3, 5.6% lower in PADD 1, 7.8% lower in PADD 2 and 6.5% lower in PADD 5.Q3 2026 quarter-to-date RIN-adjusted refining margins average $42.79 per barrel in the Mid-Continent, $46.27/bbl on the West Coast and $47.62/bbl in the North Atlantic.The Gulf Coast's RIN-adjusted crack averaged $43.88/bbl in Q3 of 2026 quarter to date, versus $30.45/bbl in Q2 and $15.26/bbl in Q3 2025.European natural gas prices have risen in recent weeks as tensions in the Middle East and offline liquefied natural gas facilities, including assets in Qatar, tighten regional markets, while US prices remain relatively insulated, UBS said.The spread between European TTF and Nymex Henry Hub gas prices has widened to about $20 per million British thermal units from roughly $10/MMBtu two months ago, improving the competitive position of North American refiners.UBS estimated that a $5/MMBtu increase in gas costs, if North American refining assets were exposed to European gas prices, would add about $1.5 billion in annual costs for Valero (VLO), $1.8 billion for Marathon Petroleum (MPC), and $922 million for Phillips 66 (PSX).Exxon Mobil's Guyana production averaged about 900,000 barrels per day in Q2 2026, while the Errea Wittu, the project's fifth floating production vessel, remains on track to start by year-end.The Exxon Mobil-led group is advancing the Longtail development toward a final investment decision and has begun evaluating a potential ninth floating production vessel.The group has recovered about $55 billion in invested capital and operating costs, reducing the legacy costs subject to recovery, although new spending will continue adding to the cost bank.UBS expects Guyana's lower capital intensity and higher entitlement volumes to boost free cash flow, with production potentially exceeding the 2030 target of 1.3 million b/d and generating over $6 billion annually for Exxon Mobil and over $4 billion for Chevron (CVX) at $70/bbl Brent.Multiple new gas-processing plants from Targa Resources (TRGP) and Enterprise Products Partners (EPD) in the Delaware and Midland basins, along with new EPD fractionators at Mont Belvieu, will require additional Y-grade pipeline capacity, UBS said.The new pipelines will connect Permian gas plants with fractionators expected to start over the next two to three years, supporting rising global demand for liquefied petroleum gas and ethane.Planned expansions include BANGL and Coastal Bend in Q4 2026, Bahia in Q4 2027, and Speedway in Q3 2027, adding Permian Y-grade takeaway capacity.UBS said the projects should ease natural gas liquids takeaway constraints and link rising Permian production with international LPG and ethane demand, while supporting Gulf Coast petrochemical feedstock costs.
$CVX$EPD$MPC$PSX$TRGP$VLO$XOM
Commodities
Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Tuesday Amid Rising Oil Prices
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was 1.2% lower in Tuesday's premarket activity as fading hopes for a US-Iran peace agreement pushed oil prices higher.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures advancing 0.03%, and Nasdaq futures slipping 1.2% before the start of regular trading.July housing starts fell by 12.4% from the previous month to a 1.239 million annual rate, compared with expectations compiled by Bloomberg as of 7:45 am ET for a 1.345 million rate after an increase to 1.415 million in June.The New York Federal Reserve's services index fell to 0.5 in August from 8.7 in July, compared with the expectations of a smaller decrease to a reading of 4.6 in a survey compiled by Bloomberg.Industrial production data for July will be released at 9:15 am ET, followed by the pending home sales data for July at 10 am ET.In premarket action, bitcoin was down by 0.04%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower, Ether ETF (EETH) retreated 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was 2% higher. The iShares Biotechnology ETF (IBB) was 0.2% lowerAmylyx Pharmaceuticals' (AMLX) stock was up more than 30% premarket after the company said its investigational post-bariatric hypoglycemia treatment Avexitide met its primary endpoint in a phase 3 clinical trial.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was up 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.8% lower.Klarna Group (KLAR) shares were down more than 17% after the company said it has planned transitions for its chief financial officer and chief marketing officer, effective early 2027.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.8%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.2%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was 0.3% lower, while the State Street SPDR S&P Retail ETF (XRT) was 0.1% higher.Baidu (BIDU) shares were down more than 7% pre-bell after the company reported lower Q2 non-GAAP earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.2%, the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.Stantec (STN) stock was up 1% after the company said it received approval from the Toronto Stock Exchange to increase the number of shares it may repurchase for cancellation under its normal course issuer bid to 5.7 million shares, up from 2.3 million.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.8%, the iShares US Technology ETF (IYW) was 1.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined 3.4%, while the iShares Semiconductor ETF (SOXX) fell 3.6%.NVIDIA (NVDA) shares were down 1% in premarket activity after the company said it partnered with SB Energy to secure land, power, and shell capacity at the PORTS-Pike Technology Campus in Ohio, where OpenAI will be the tenant.EnergyThe iShares US Energy ETF (IYE) was up 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.9% higher.Phillips 66 (PSX) stock was 1% higher after Argus lifted its price target to $269 from $197.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.9% to reach $85.27 per barrel on the New York Mercantile Exchange. Natural gas was up 0.9% at $2.71 per 1 million British Thermal Units. The United States Oil Fund (USO) increased 0.5%, while the United States Natural Gas Fund (UNG) was 0.02% lower.Gold futures for November were down by 0.6% at $4,448.00 an ounce on the Comex. Silver futures retreated 1.7% to $65.11 an ounce. SPDR Gold Shares (GLD) declined by 0.6%, and the iShares Silver Trust (SLV) was 1.1% lower.
Dow JonesNasdaq CompositeS&P 500$AMLX$BETH$BIDU$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$KLAR$NVDA$PMR$PSX$QQQ$RTH$SLV$SOXX$SPY$STN$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Equities
Argus Adjusts Price Target on Phillips 66 to $269 From $197, Maintains Buy Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $227.61, according to analysts polled by FactSet.
$PSX
Equities
Jefferies Adjusts Price Target on Phillips 66 to $242 From $207, Maintains Hold Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $227.61, according to analysts polled by FactSet.
$PSX
Wire
S&P 500 Ekes Out Weekly Gain Amid Growing Probability of Fed Pause Extension
The Standard & Poor's 500 index rose 0.4% this week after cooling inflation and an unexpected drop in retail sales boosted the odds for a sixth straight monetary policy pause in September.The market benchmark ended the week at 7,785.76. The index is now up 3.8% quarter-to-date and 14% this year.The probability of the Federal Reserve extending its policy pause next month jumped after July's consumer and wholesale price inflation rates, both headline and core, declined and retail sales for the month unexpectedly slumped the most since May 2025. There's now a 67% chance that the Fed will leave interest rates unchanged, up from 56% a week ago, according to the CME FedWatch tool.Treasury Secretary Scott Bessent said on CNN that the US plans to announce measures on Iran next week that have "never been seen."Defense Secretary Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera reported.The energy sector in the S&P 500 had the largest percentage gain of the week, up 7.3%, followed by a 1.5% advance in utilities and 1% increases for both consumer staples and health care. Financials, industrials, real estate and tech also rose week to week.Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. Separately, Phillips 66, Kinder Morgan (KMI), and HF Sinclair (DINO) said they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system. Shares of Phillips 66 surged 15% this week.Three S&P 500 sectors that declined this week were consumer discretionary, communication services and materials, down 2%, 1% and 0.9%, respectively.Tapestry (TPR) shares tumbled 21% this week after the company set out a fiscal 2027 revenue outlook below the midpoint of Wall Street's forecast range, taking the shine off stronger-than-expected fiscal Q4 adjusted earnings and revenue.AppLovin's (APP) 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA Securities said in a report. BofA downgraded its rating on AppLovin stock to neutral from buy and lowered its price target to $400 from $430. Shares of Applovin slumped 9% this week.Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.Economic data due next week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts.
S&P 500$ADI$APP$DE$DINO$HD$KMI$LOW$NTES$PSX$ROST$TGT$TJX$TPR$WMT
Sectors
Sector Update: Energy Stocks Rise Friday
Energy stocks rose Friday with the NYSE Energy Sector Index gaining 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.The Philadelphia Oil Service Sector Index climbed 2.6%, and the Dow Jones US Utilities Index advanced 0.3%.West Texas Intermediate crude oil rose 1.4% to $82.41 a barrel, and global benchmark Brent advanced 1.7% to $88.53 a barrel. Henry Hub natural gas futures eased 0.3% to $2.72 per 1 million BTU.Transit through the Strait of Hormuz appeared to grind to a near standstill on Friday after two more ships were attacked at the chokepoint, Reuters reported. Abu Dhabi's national oil company said its vessels were attacked Thursday evening, and that the government of the United Arab Emirates blamed Iran, which made no immediate comment, the report said.In corporate news, Energy Transfer's (ET) Green Chile Project pipeline, a New Mexico natural gas project that would supply power-generation systems for a planned Oracle (ORCL) data center, has been delayed and is now expected to enter service next year, Bloomberg reported. Energy Transfer shares rose 1.4%.Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created a company valued at $180 billion, Semafor reported. Phillips 66 shares rose 0.4%, and Marathon fell 0.3%.Shell (SHEL) lost a legal battle with environmental activists over an oil exploration campaign off South Africa's Wild Coast, Bloomberg reported. Shell shares rose 1.5%.Diversified Energy (DEC) is in preliminary talks to acquire Birch Resources, which operates in the Permian Basin, Reuters reported. Diversified Energy shares rose 1.1%.
$DEC$ET$MPC$PSX$SHEL
Sectors
Sector Update: Energy Stocks Rise Friday Afternoon
Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.The Philadelphia Oil Service Sector Index was climbing 2.9%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil rose 1.1% to $82.15 a barrel, and the global benchmark Brent crude contract advanced 1.3% to $88.18 a barrel. Henry Hub natural gas futures added 0.9% to $2.75 per 1 million BTU.In geopolitical news, Treasury Secretary Scott Bessent said the US plans to announce measures on Iran next week that have "never been seen," CNN reported. Secretary of Defense Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera, a Middle Eastern broadcaster, reported. Transit through the Strait of Hormuz appeared to grind to a near standstill on Friday after two more ships were attacked at the chokepoint, Reuters reported. The Abu Dhabi National Oil Co. from the United Arab Emirates said its vessels were attacked Thursday evening, the news report said, adding that the UAE government blamed Iran, which made no immediate comment.In corporate news, Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported. Phillips 66 shares were down 0.1%, and Marathon was shedding 0.8%.Shell (SHEL) has lost a legal battle with environmental activists over an oil exploration campaign off South Africa's Wild Coast, Bloomberg reported. The Constitutional Court ruled that the exploration right cannot be renewed, Bloomberg said. The report said the five-year legal dispute began in 2021, when activists challenged Shell's planned seismic survey over concerns about community consultation and potential impacts on marine life. Shell shares were up 1%.Diversified Energy (DEC) is in preliminary talks to acquire Birch Resources, which operates in the Permian Basin, Reuters reported. Diversified Energy shares rose 1%.
$DEC$MPC$PSX$SHEL
Sectors
Sector Update: Energy
Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.The Philadelphia Oil Service Sector Index was climbing 2.9%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil rose 1.1% to $82.15 a barrel, and the global benchmark Brent crude contract advanced 1.3% to $88.18 a barrel. Henry Hub natural gas futures added 0.9% to $2.75 per 1 million BTU.In corporate news, Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported. Phillips 66 shares were down 0.2%, and Marathon was shedding 0.8%.
$MPC$PSX
Wire
Market Chatter: Phillips 66, Marathon Petroleum Held Merger Talks
Phillips 66 (PSX) and Marathon Petroleum (MPC) held merger discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported Friday, citing people familiar with the situation.The talks eventually ended and are unlikely to be revived in the near term, the people told Semafor.A combination would have created a refining giant accounting for roughly a quarter of US capacity but likely faced antitrust scrutiny and complications from Phillips 66 and Chevron's (CVX) chemicals joint venture and Marathon's ownership of MPLX (MPLX), according to the report.Phillips 66 and Marathon Petroleum didn't immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $233.43, Change: $+0.81, Percent Change: +0.35%
$CVX$MPC$MPLX$PSX
Showing 1-20 of 133
